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The high adoption of biometric solutions in the oil and gas sector and government sector, in the MENA region, drives the growth of this market. Technavio’s market research analyst estimates a market growth rate of over 19% between 2015 and 2019.
Many banks and financial organizations in the Middle East are expected to shift toward multi-factor authentication over the next four years. Multi-factor authentication is a verification technique that uses two or more different authentication methods, acting as an additional security layer. Multi-factor authentication solutions incorporate the usage of various biometric technologies to authenticate payment transactions on mobile devices such as smartphones, tablets, and laptops.
For instance, fingerprint technology used to unlock a particular device is followed in tandem by a voice biometric system to authenticate an individual. Moreover, as multi-factor authentication does not require the installation of any hardware or software, its adoption is likely to gain significant traction in the MENA region during the forecast period.
Tachnavio’s market research analysts estimate a decline in the market shares of the fingerprint technology segment during the forecast period. The research study attributes it to a shift in preference towards other biometric technologies such as vein recognition. However, this segment is likely to retain its dominance over the market until 2019.
During the same period, the market is likely to witness a significant rise in the use of automated fingerprint identification system (AFIS) technology by the law enforcement agencies. Meanwhile, the facial recognition segment will continue to find wide adoption in government organizations on account of its mass surveillance capability.
Saudi Arabia emerged as the largest contributor to the biometrics market in 2014, and the trend is likely to continue through 2019. With the growing number of government initiatives in the construction sector in Saudi, the spending on various biometric technologies has significantly increased. Furthermore, the government of Saudi Arabia has made biometric-based visas mandatory for the annual Hajj. For all foreigners visiting Saudi Arabia, biometric-based passports is also a necessity.
Market vendors of biometric technologies are making concentrated efforts to provide customized solutions to customers, especially from the government and BFSI sectors to ensure that data confidentiality is maintained. To stay ahead of the competition, the leading biometric vendors expected to launch upgraded solutions at minimal charges during the forecast period.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Key takeaways
PART 06: Market description
PART 07: Emerging trends
PART 08: Market landscape
PART 09: Product life cycle analysis
PART 10: Market segmentation by technology
PART 11: Market segmentation by end-user
PART 12: Geographical segmentation
PART 13: Market trends
PART 14: Market inhibitors
PART 15: Vendor landscape
PART 16: Key vendor analysis
PART 17: Appendix
PART 18: Explore Technavio
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